Marc Da Costa, Equicapital Investment Counsel Inc. and Parklane Financial Group fined a total of $243,000

Montréal - Penal proceedings for illegal practice and illegal distributions involving Marc Da Costa, Equicapital Investment Counsel Inc. and Parklane Financial Group recently came to an end following a decision handed down by Justice of the Peace Patricia Compagnone of the Court of Québec for the district of Salaberry-de-Valleyfield. The three respondents in this matter were fined a total of $243,000.

On April 7, 2015, Justice of the Peace Compagnone fined Equicapital Investment Counsel Inc. a total of $37,500, representing one and a half times the minimum fine set by law, following a trial by default. Equicapital Investment Counsel Inc. was found guilty on five counts for distributing an investment contract to five investors without a prospectus.

The same day, Justice of the Peace Compagnone also approved a settlement agreement between Parklane Financial Group and the Autorité des marchés financiers (the "AMF"). Under the agreement, Parklane Financial Group pleaded guilty to distributing an investment contract to six people without a prospectus and was fined a total of $52,500.

A settlement agreement between Marc Da Costa and the AMF had also been approved in April 2014 after Mr. Da Costa pleaded guilty to 34 counts of illegal practice as a dealer and aiding in a distribution without a prospectus. He was fined a total of $153,000, one and a half times the minimum fine set by law.

The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.